Asia PX falls on soft PTA prices, worries over eurozone debt crisis

20 October 2011 04:29  [Source: ICIS news]

SINGAPORE (ICIS)--Asia paraxylene (PX) prices are declining because of the soft prices of downstream purified terephthalic acid (PTA) and continued concerns over the eurozone debt crisis, market sources said on Thursday.

The PX prices have dropped by at least $90/tonne (€66/tonne) since 17 October with offers of November shipments heard at $1,540/tonne CFR (cost & freight) Taiwan and/or China Main Port (CMP), according to data from ICIS.

There were few bids heard from end-users as most are experiencing poor production margins.

The benchmark prices of PTA were assessed at $1,145-1,180/tonne CFR CMP on 19 October, which is $50-55/tonne lower than that on 14 October, the data showed.

The offers of PX are lower because a possible halt of the trading of PTA futures on the Zhengzhou Commodity Exchange as at 10:10 hours Singapore time (02:10 GMT), market sources said.

As at 10:10 Singapore time, the PTA contract for delivery in January dropped by 5.6%.

The Zhengzhou Commodity Exchange will halt trading if the contract falls below or rises to 6% or more in a single session, the sources said.

($1 = €0.73)

For more on PX and PTA, visit ICIS chemical intelligence
Please visit the complete ICIS plants and projects database
For more pricing intelligence, visit ICIS pricing

By: Bohan Loh
+65 6780 4359

AddThis Social Bookmark Button

For the latest chemical news, data and analysis that directly impacts your business sign up for a free trial to ICIS news - the breaking online news service for the global chemical industry.

Get the facts and analysis behind the headlines from our market leading weekly magazine: sign up to a free trial to ICIS Chemical Business.

Printer Friendly